3 Things – Coalition, Chubb & John Hancock / Allstate – 04/08/2022

Hello Friends!  Another week is in the books.  We hope spring is starting to bloom in your neck of the woods.  This week we are following Coalition securing additional backing and their Cyber Claims report, Chubb’s annual report and favorable judgement and a John Hancock / Allstate partnership.  Here are the three things we learned:


Coalition Secures Additional Backing                       

Coalition announced a relationship with specialty insurer Ascot to provide capacity for their E&O cyber programs.  They are joining others including Swiss Re and Arch.  Coalition is growing rapidly and this move will allow them to stay on that track surpassing $650M in GWP.  Also this week, Coalition released their 2022 Cyber Claims Report (download required).  The report looks at the incidents and threats that are emerging in the increasingly digital world.  Ransomware seems to be the biggest threat and small businesses are now being targeted more.  Overall severity appears to be leveling off and there are simple solutions to securing vulnerabilities that Coalition is advising about.


Chubb Annual Report & Judgement

Chubb released their 2021 annual report this week featuring 21 pages of insights from Evan Greenberg himself.  His comments about the global risk climate, general economy and insurance market conditions are quite insightful.  He shares that the geo-political climate and war in Europe are concerning but create opportunities for insurers who have underwriting discipline and focus on digitalization.  In other news Chubb & AIG benefited from a judgement that they will not have to pay $290M of claims in the McKesson opioid lawsuit.


John Hancock Vitality Partners with Allstate

Life insurer John Hancock and P&C mega-insurer Allstate partnered their vitality and telematics products together to integrate driving behavior into the life insurers effort to help their insureds live a longer healthier life.  The first partnership of this kind to our knowledge but shows the growing cooperation of insurers with different missions coming together to help the consumer.  Does it make sense for more of these types of partnerships to exist?  Insurers can think about how they can collaborate to create a better user experience.  It should be a way to improve their net promoter scores.

Thank you for following us, we appreciate your feedback and continued support.  Stay tuned for more info to come.  Until next week… stay safe, stay productive!